Electronic security systems player Zicom is looking at growing its SaaS (security as a service) business to about Rs 200 crore by 2020-21.
The company, which started its business in 1995 as a pure-play hardware vendor, has shifted its focus to providing security services. It provides security solutions through its products across Access Control Systems, CCTV System, Finger Print Lock, Fire Alarm System, Intrusion Detection System and Video Door Phones.
Pramoud Rao, Founder and Managing Director, Zicom Electronic Security Systems said, "In 2013, we ideated the concept of SaaS, which offered for the first time security as a service on an Opex model, and the remote managed services were being offered from our National Command Centre. We created multiple services around the IoT platform. Currently, the industry has accepted the concept of SaaS very well," he said.
While earlier the company tried to 'sell' security, now people 'buy' security. The company was struggling to enter Indian homes with its security hardware and services, but at present, there is a good adoption taking place for security equipment at home.
"CCTV is used not only in large projects but also in schools and colleges. The overall growth of the industry looks very promising and robust," he said.
Voice-based security services are quite popular in the West and Rao said its going to be a reality soon here.
"It's taking time here, as we are a multi lingual country. We have already started our R & D work, coupled with AI (Artificial Intelligence) and Deep Learning. Investments are being made to ensure that we deliver some path breaking solutions soon. Home security, access control, and smart homes are our focus areas," he said.
It is estimated that the IoT business in the security service space will be approximately $1 billion by 2022, and Zicom is aiming to capture at least 20% market share. It has expanded reach to five countries and 1,023 cities, with an annual turnover of Rs 1,122 crore.
"We are scaling down our Middle East operations due to cash flow challenges being faced there especially on the front of recovery of debts. We will show less revenue in terms of topline, which could be approximately Rs 700 to 800 crore," he added.
